US-based Peak Energy has closed a $108m Series B funding round to accelerate manufacturing and expand the deployment of its sodium-ion energy storage systems.
The company, which produces passively cooled storage technology for grid and data centre applications, said the financing was oversubscribed.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
General Motors Ventures led the round, with Maverick Silicon, Eclipse, Infinite Capital, Xora Innovation and LG Technology Ventures also participating.
The new capital is intended to allow Peak Energy to expand domestic manufacturing capabilities and support the fulfilment of more than $1bn in existing customer orders.
The company also plans to target the data centre sector, where demand for power and effective storage solutions is increasing.
Peak Energy co-founder and CEO Landon Mossburg said: “Peak’s mission from day one has been to lower the cost of energy through safer, simpler, cleaner and more reliable technology.
“The investment we announce today will supercharge Peak’s ability to scale and deliver as the world increasingly turns to passively cooled sodium-ion storage to solve our energy needs.”
Peak Energy has developed its sodium-ion storage system over the past three years, positioning it as an alternative to lithium-ion batteries for grid-scale uses.
According to the company, demand from power producers, utilities and data centres continues to grow.
The Series B funding follows a partnership announced in June with General Motors (GM) to jointly develop next-generation sodium-ion battery cells.
The collaboration is expected to utilise GM’s battery cell industrialisation expertise in the US.
In July, Peak Energy revealed plans for a new 4GW-hour (4GWh) manufacturing facility in Sacramento, California, with production scheduled to begin in the first quarter of 2027.
Peak Energy says its storage system aims to lower operating and maintenance (O&M) costs by removing the need for cooling systems, reducing energy waste and requiring no planned maintenance.
The system is also designed for minimal noise, zero water use and addresses common causes of battery fires, according to the company.
The latest funding is intended to position Peak Energy to meet rising demand from data centre operators and utilities, particularly as requirements for reliable and cost-effective energy storage continue to grow.
